Tuesday, 5 March 2013

Questions (162)

Pearse Doherty

Question:

162. Deputy Pearse Doherty asked the Minister for Finance further to the announcement by the National Asset Management Agency that it is sponsoring a two year study at the Economic and Social Research Institute, if he will confirm the object of the study; the cost of the study and the contribution to that cost by NAMA; the deliverables to be provided by the study and when they will be delivered; and if they will be published and the consideration NAMA gave to using other research bodies for the study. [11347/13]

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Written answers (Question to Finance)

I am advised by NAMA that the overall objective for the proposed research work is to produce practical market insights that will facilitate informed decision-making by all market participants, including potential purchasers, investors and the construction industry. NAMA advises that the research work will cover a number of relevant issues, including the likely pattern of economic recovery over short to medium-term horizons and the related impact on the housing market. Research work will be overseen by a Steering Committee, on which NAMA will be represented, which will agree priorities and review outputs. Editorial control and responsibility for the research will rest with the ESRI. NAMA advises that its contribution to the cost of the research work has not yet been finalised and that the ESRI is also in discussion with other possible sponsors. I am advised that the original proposal was received by NAMA from the ESRI and that the NAMA Board considered and decided to support the proposal based on the ESRI’s experience, expertise, capacity and credibility in the area of primary economic research. I understand that the ESRI plans to publish its reports. The Deputy may also wish to note the commitment in the Action Plan on Jobs 2013 which states that better cross–Government co-ordination of action on the property market will be progressed under the active leadership of my Department. The important work now being undertaken by NAMA and the ESRI will complement that process.